View Full Version : 1st Time
ymgsterling
11-02-11, 23:03
I am going to be a 1st time landlord.
What the areas that I need to look out for?
Appreciate your advice.
I am going to be a 1st time landlord.
What the areas that I need to look out for?
Appreciate your advice.
Hahaha!
U need to pray for a good tenant!
Documentation v impt.
All inventory and conditions on paper.
Photos of yr condo condition before it gets wrecked are helpful.
Good luck!
Luck is v impt!
you may pick up some tips from these discussions here:
http://forums.condosingapore.com/showthread.php?t=9628
http://forums.condosingapore.com/showthread.php?t=9472
devilplate
12-02-11, 01:14
Hahaha!
U need to pray for a good tenant!
Documentation v impt.
All inventory and conditions on paper.
Photos of yr condo condition before it gets wrecked are helpful.
Good luck!
Luck is v impt!
Docu only can protect u tat far.... Try to have 2mth deposit n choose tenant wisely....:)
Regulators
12-02-11, 01:19
good tenants are an asset indeed. I will rank Japanese with family 1st, Caucasians with families 2nd and Koreans with families 3rd.
Docu only can protect u tat far.... Try to have 2mth deposit n choose tenant wisely....:)
Geylang OKT
12-02-11, 08:30
Thread title quite misleading leh. I thought you asking about a virgin doing it the 1st time :D
Docu only can protect u tat far.... Try to have 2mth deposit n choose tenant wisely....:)
1 year lease - 1 mth deposit
2 year lease - 2 mth deposit.
Geylang OKT
12-02-11, 09:56
I am going to be a 1st time landlord.
What the areas that I need to look out for?
Appreciate your advice.
furniture and aircons. know what constitutes wear and tear, and what parts need to be replaced by landlord/tenants respectively :D
Other than tenants, look out for the agents too.
They will usually include a clause in the contract that you will have to pay them 1 mth commission if the tenant renews the contract, as part of their "standard" contract. Ask them to remove that clause. Why should u have to pay them again:beats-me-man:
good tenants are an asset indeed. I will rank Japanese with family 1st, Caucasians with families 2nd and Koreans with families 3rd.
PRC tennants can be a nightmare.
A friend of mine tenanted to a group of "so call" PRC foreign talents, about 8 of them.He is shock to see "6 rice cookers placed in his kitchers. Also, there are about 4 portable stoves too. With so many cooking happened in the kitchers, my friend almost fainted when took back his unit with extremely oily kitchen. Spend a few thousand to redo the kitchen.
Apart from Kitchen, he found the rooms with lots of holes. In particular, he found a thru hole (about 4cm wide) between Master room and an adjcent room as tenants want to pull thru network cable from a point in Master room.
The worst is yet to come. Eventually, the tenants delay payment for about a month. My friend went up to his unit to check out and was shocked to discover that this group of Foreign talents had fled without informing nor contactable (maybe back to China?)
At the end, the two months deposits also not enough to cover my friend's loses. Find the agent also no use as the agent has quited from property job. Damn suay!:banghead:
1 year lease - 1 mth deposit
2 year lease - 2 mth deposit.1 year lease, also ask for 2 months deposit. U never know how much damage can be done in just 1 year. Better b safe. Tell them to fly kite if they do not agree.
1 year lease, also ask for 2 months deposit. U never know how much damage can be done in just 1 year. Better b safe. Tell them to fly kite if they do not agree.
Usually, I wouldn't agree to 1 year lease. There's too much cost incurred when a new tenant comes in. Also consider the time down while waiting for the next tenant, just after 1 yr.:tsk-tsk:
Unless the rental for the 1 yr lease is significantly higher than a 2 yr lease.:)
PRC tennants can be a nightmare......
The worst is yet to come. Eventually, the tenants delay payment for about a month. My friend went up to his unit to check out and was shocked to discover that this group of Foreign talents had fled without informing nor contactable (maybe back to China?)
At the end, the two months deposits also not enough to cover my friend's loses. Find the agent also no use as the agent has quited from property job. Damn suay!:banghead:
Hdb or condo? Actually I rank PRC at the bottom rank...., heard too many stories, even if they want to pay slightly higher price, I also dun rent...., just me. Don't want to worry day and night after that.
Other than tenants, look out for the agents too.
They will usually include a clause in the contract that you will have to pay them 1 mth commission if the tenant renews the contract, as part of their "standard" contract. Ask them to remove that clause. Why should u have to pay them again:beats-me-man:
if agent provides good service, throughout tenancy, especially at handover of apt after tenancy is over, i definitely will not mind paying them for their services ie agent looks after LL's interests at all times and i have had the pleasure of having a very trustworthy agent handling the rental of my apt.
Hdb or condo? Actually I rank PRC at the bottom rank...., heard too many stories, even if they want to pay slightly higher price, I also dun rent...., just me. Don't want to worry day and night after that.
condo near woodland...
if agent provides good service, throughout tenancy, especially at handover of apt after tenancy is over, i definitely will not mind paying them for their services ie agent looks after LL's interests at all times and i have had the pleasure of having a very trustworthy agent handling the rental of my apt.
I have no issue with paying agents their commission.
But I don't see why i have to pay them for the renewal of the contract. Don't forget that they take 4.1% of your total rental as their commission already in the 1st tenancy contract.
I have no issue with paying agents their commission.
But I don't see why i have to pay them for the renewal of the contract. Don't forget that they take 4.1% of your total rental as their commission already in the 1st tenancy contract.
because my agent continues to handle all issues raised by existing tenant and gets the unit ready for the new tenant if current tenant moves out.
there are some agents that get you the tenant and totally disappear thereafter while some will continue to provide service throughout the entire tenancy and ensures tenant does a proper handover when tenancy ends. in the latter case, i am most happy to pay them for the renewal as i am freed from handling any tenant issues.
ymgsterling
12-02-11, 16:24
Having cold sweat!
But wife preferred to keep unit for rental than
sell cause of sentimental reasons.
Some advice needed;
1) Rental deposit; based on market practice or
governed by law? 1 year 1 month deposit?
2) Possible to include in the lease that landlord
can make visit to check the place by giving
advance notice?
devilplate
12-02-11, 16:26
Having cold sweat!
But wife preferred to keep unit for rental than
sell cause of sentimental reasons.
Some advice needed;
1) Rental deposit; based on market practice or
governed by law? 1 year 1 month deposit?
2) Possible to include in the lease that landlord
can make visit to check the place by giving
advance notice?
1)yes...2yr 2mth
2) nvr do tat b4...wat for...nvm one la....relax la....choose tenant wisely lor:D
ymgsterling
12-02-11, 17:10
1)yes...2yr 2mth
2) nvr do tat b4...wat for...nvm one la....relax la....choose tenant wisely lor:D
To check on the conditions of the apartment,
and most importantly the tenant is still around.
Haha! My 1st, very nervous!
Do not have too high expectation and always mentally prepare for the worst. One will not be so upset when something happen.
devilplate
12-02-11, 17:17
To check on the conditions of the apartment,
and most importantly the tenant is still around.
Haha! My 1st, very nervous!
haha...anything always got 1st time....hehe :cheers6:
Don't ever get Nigerian. Heard a lot of problem. Chinese may be slightly better than Nigerian. French, British, Australian, Japanese, Indian (from US) and USA seems alright.
Geylang OKT
12-02-11, 21:15
haha...anything always got 1st time....hehe :cheers6:
Afterthat, will be known as non-virgin :D
Geylang OKT
12-02-11, 21:17
If you want your house to remain in a good condition, then rent only to the caucasians, filipinos or koreans.
If you rent to indians and china folks, be prepared to kiss your good clean apt goodbye. Do it only if you are looking at the rental yield and nothing else :scared-1: :scared-1: :tongue3:
I bought my unit from a local who has had tenanted to a japanese couple. I'm extremely lucky as the jap's couple maintain the condo unit.
When I took over the unit from the tenants (conincindentally, the Jap also end the contracts two days before I took over), the Jap's wife washed and ironed all sofa's covers and curtains. She even vacuum and wash the whole house. She also arranged the aircons serviced and she even leave a note informing us that she still have two more services left with her contract with Gain City (me save $$$) and has had asked me to contact Gain city for service arrangement when service due.
When I took over, it's totally dust free. Jap's couple would be my first choice wor...:spliff:
Geylang OKT
12-02-11, 21:27
I bought my unit from a local who has had tenanted to a japanese couple. I'm extremely lucky as the jap's couple maintain the condo unit.
When I took over the unit from the tenants (conincindentally, the Jap also end the contracts two days before I took over), the Jap's wife washed and ironed all sofa's covers and curtains. She even vacuum and wash the whole house. She also arranged the aircons serviced and she even leave a note informing us that she still have two more services left with her contract with Gain City (me save $$$) and has had asked me to contact Gain city for service arrangement when service due.
When I took over, it's totally dust free. Jap's couple would be my first choice wor...:spliff:
Yeah, Japs are an excellent choice too. But never, ever the china and ah neh :tsk-tsk: :tsk-tsk: :doh:
ymgsterling
12-02-11, 22:19
Agent's com; 1yr lease-1/2 a mth, >2yrs-2 mths?
Does the agent duties ends after lease agreement signed?
Or his duties continues till expiry of the lease?
If so, what are his duties?
Appreciate ur advice! Pardon me, is my 1st time.
Agent's com; 1yr lease-1/2 a mth, >2yrs-2 mths?
Does the agent duties ends after lease agreement signed?
Or his duties continues till expiry of the lease?
If so, what are his duties?
Appreciate ur advice! Pardon me, is my 1st time.
Contractually, the agents do not have further responsibilities. Though they will facilitate the handover. They are not party to the tenancy agreement between u and the tenant.
However, the agents are useful as a go-between if required. They are not obliged to, but will usually oblige, perhaps to continue the relationship with u and your tenant in the hope of future business....
Geylang OKT
13-02-11, 06:16
Agent's com; 1yr lease-1/2 a mth, >2yrs-2 mths?
Does the agent duties ends after lease agreement signed?
Or his duties continues till expiry of the lease?
If so, what are his duties?
Appreciate ur advice! Pardon me, is my 1st time.
TA is between owner and tenant. Agent is redundant. If you know well the leasing process, you can easily do without the agent. However, agents do play a role if you do not have many sources to find tenants, and as the go between if you do not want to be bothered by the tenant at all (e.g. leaks, aircon, fridge, washing machine, water heater problems etc).
ymgsterling
13-02-11, 10:32
TA is between owner and tenant. Agent is redundant. If you know well the leasing process, you can easily do without the agent. However, agents do play a role if you do not have many sources to find tenants, and as the go between if you do not want to be bothered by the tenant at all (e.g. leaks, aircon, fridge, washing machine, water heater problems etc).
For these "in-between" roles that the agent plays,
it is not a contractual obligations? It is a "favour" to
continue relationship?
For these "in-between" roles that the agent plays,
it is not a contractual obligations? It is a "favour" to
continue relationship?
Yes. Also means that they continue to stay in contact with u. When the tenant moves out, they know you'll need another agent to market your unit again.
Geylang OKT
13-02-11, 20:45
Yes. Also means that they continue to stay in contact with u. When the tenant moves out, they know you'll need another agent to market your unit again.
ditto.... :D
Geylang OKT
13-02-11, 20:46
For these "in-between" roles that the agent plays,
it is not a contractual obligations? It is a "favour" to
continue relationship?
unless you are engaging them for property management (fees applicable) especially if you are out station all the time :D
For these "in-between" roles that the agent plays,
it is not a contractual obligations? It is a "favour" to
continue relationship?
if you're scared then you should write your own contract or ask your lawyer to write for you. Tell him what you want and he will draft up an air tight agreement.
The one thing you've to note is most standard contracts by agents don't include your right to terminate the contract. Only the tenant can decide to leave. So if you decided that you want your house back after the minimum period, you cannot give 2 months notice to ask the tenant to go.
Just for that, i've my write my own rental contract.
By the way, my first tenant was a filipino. The agent (who was also quite useless) rented to her, 1 week later, i come to the house, there was 15 people staying there because they partitioned the house into many parts. The best was she wasn't staying there. She "sublet" to others.
So my contract allows me to chase them out and confiscate the rent + deposit if they violate the agreement.
The ability to chase them out and use the deposit to settle damages was quite good.
relaxcatdog
14-02-11, 04:21
I also agree that having a good tenant is utmost important. Sometimes I don't mind even if the rental is slightly less if the tenant is good. Heard so many horror stories about tenants who don't take care of the apartment which they are renting. I know of a landlord whose apartment was once turned into a budget hotel by his tenant. It is important that tenants know that the unit is rented to them alone according to the contract and not any others and that the tenancy agreement can be terminated if found out that there are other occupants.
worst are tenants that are perpetually late with their payment, u have to call 3-4 times very mth before they pay, always have excuse...why late, neighbours complaint about them, always bug you over small little maintenance issue when it is their duty...change light bulb also call u - think you owe them..., come last mth or last 2 mths of tenancy period, did not pay, assume that the deposit will auto offset the remaining mth or remaining 2 mths. Anything damaged, act blur, claim it's wear and tear, your new property handed back to you in shambles:banghead: , disappear out of country....no recourse...
If you want your house to remain in a good condition, then rent only to the caucasians, filipinos or koreans.
If you rent to indians and china folks, be prepared to kiss your good clean apt goodbye. Do it only if you are looking at the rental yield and nothing else :scared-1: :scared-1: :tongue3:
I have two Indian family tenants, and they take great care of my units. We do check on the units often.
We never rent our property to China folks, too unpredictable behavious, too many relatives from China.
thomastansb
14-02-11, 08:50
I have super bad experiences with PRC and Filipinos. The whole unit is total disaster. Dirty, filthy. Like a worker's quarter. Really super bad. I can't say for all but my tenants are like non-human. I forfeit 0.5 month for PRC and 1 month for the filipino to clean up and paint the house. After that, sparkling clean.
Japanese is the best. At the end of the contract, he even get a cleaning company to clean up the whole house at his own expenses. Out of goodwill, not required by contract. I thought my unit looks better than what I rent to him. Haha.
going by the comments here, it seems that PRC are generally not corporate lease, hence they can "disappear".
So is it better to get corporate lease? Is corporate lease more associated with higher rental bracket? meaning rental $3k/mth, individual. Rental $5k/mth, corporate?
Anybody got experience of PRC on corporate lease?
Does Russians and other Slavic countries make good tenants?
thomastansb
14-02-11, 09:18
You won't have a 2k difference la. But corporate lease are usually higher. Usually but not guaranteed. Maybe individual 3k, corporate 3.3k. Corporate also less likely for tenant to run away because the company rent from you. They are usually stricter about the terms and conditions with little room for negotiation. Tenant can be replaced as and when the company likes (you rent to a company). Really depends on the agreement but you can just take it that it is higher in rental but have to be careful in the terms and conditions.
going by the comments here, it seems that PRC are generally not corporate lease, hence they can "disappear".
So is it better to get corporate lease? Is corporate lease more associated with higher rental bracket? meaning rental $3k/mth, individual. Rental $5k/mth, corporate?
Anybody got experience of PRC on corporate lease?
Does Russians and other Slavic countries make good tenants?
You won't have a 2k difference la. But corporate lease are usually higher. Usually but not guaranteed. Maybe individual 3k, corporate 3.3k. Corporate also less likely for tenant to run away because the company rent from you. They are usually stricter about the terms and conditions with little room for negotiation. Tenant can be replaced as and when the company likes (you rent to a company). Really depends on the agreement but you can just take it that it is higher in rental but have to be careful in the terms and conditions.
That not what I mean, I mean to say, if rental below $3k/month, company give housing allowance and tell employees to find their own housing etc.
When rental is like $5k/month and above, then company get involved and will provide accomodation for their higher-end employees and use company's name in tenancy agreement.
Yes this is the trend now. Previously, companies also provide housing allowance for any amount but seemingly there is a trend that they are paying 50% cash-in-lieu as replacement for those rental allowance below $4k pm. So it is more likely that these people will buy themselves rather than rent at $4k or less pm.
That not what I mean, I mean to say, if rental below $3k/month, company give housing allowance and tell employees to find their own housing etc.
When rental is like $5k/month and above, then company get involved and will provide accomodation for their higher-end employees and use company's name in tenancy agreement.
Generally, I find the tenants offering higher rentals give you less problems. Those lower rental tenants are the problematic ones...:(
That is why I say want to invest in properties, buy those that can rent out for $4k pm and above! (which means CCR properties are preferred vs OCR properties!). $4k pm and below rental will see less and less demand when these foreigners buy their own rather than rent because companies pay cash-in-lieu rather than pay for their rent directly.
Whenever I say the above I got flamed! :simmering: :doh:
(Never mind, this is not the first time and I am prepared! :p).
Generally, I find the tenants offering higher rentals give you less problems. Those lower rental tenants are the problematic ones...:(
That is why I say want to invest in properties, buy those that can rent out for $4k pm and above! (which means CCR properties are preferred vs OCR properties!). $4k pm and below rental will see less and less demand when these foreigners buy their own rather than rent because companies pay cash-in-lieu rather than pay for their rent directly.
Whenever I say the above I got flamed! :simmering: :doh:
(Never mind, this is not the first time and I am prepared! :p).
Another reason why I'm sticking to prime locations. Can only afford MMs at the moment, which also give me decent yields. Through rental less than 4k, but tenants are single professionals, never give me any problems.....:)
I bought my unit from a local who has had tenanted to a japanese couple. I'm extremely lucky as the jap's couple maintain the condo unit.
When I took over the unit from the tenants (conincindentally, the Jap also end the contracts two days before I took over), the Jap's wife washed and ironed all sofa's covers and curtains. She even vacuum and wash the whole house. She also arranged the aircons serviced and she even leave a note informing us that she still have two more services left with her contract with Gain City (me save $$$) and has had asked me to contact Gain city for service arrangement when service due.
When I took over, it's totally dust free. Jap's couple would be my first choice wor...:spliff:
Japanese families are great, but the single Japanese is a different story. My friend used to be flatmate with a single Japanese lady, and her room was so messy.. half empty beer cans not cleared many days, room full of dust and hair, things strewn around etc, it was like a tornado just hit the room. Another friend of mine also had similar encounter. Nightmarish man
Japanese families are great, but the single Japanese is a different story. My friend used to be flatmate with a single Japanese lady, and her room was so messy.. half empty beer cans not cleared many days, room full of dust and hair, things strewn around etc, it was like a tornado just hit the room. Another friend of mine also had similar encounter. Nightmarish man
messy japanese man + messy japanese woman = neat japanese couple:D
Geylang OKT
14-02-11, 21:51
messy japanese man + messy japanese woman = neat japanese couple:D
messy japanese man + messy japanese woman = messy japanese babies :tongue3:
ymgsterling
14-02-11, 22:12
What is the definition for;
1) Fully furnished?
2) Partially furnished?
What is the %age price difference between the 2?
devilplate
14-02-11, 22:42
What is the definition for;
1) Fully furnished?
2) Partially furnished?
What is the %age price difference between the 2?
not much diff as i noe u will only provide cheap cheap furnitures....:p
interesting read:
http://forums.asiaone.com/showthread.php?t=36721#10
Who Will You NOT Rent Your House/Flat To? - 11-02-2011, 02:35 PM
Garfieldcat (http://forums.condosingapore.com/member.php?u=22496) vbmenu_register("postmenu_557888", true);
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During our CNY gathering, a friend of mine was telling us that she had to literally "Spring Clean" her whole house (the condo unit which she rented out). She not only clean out most of the items but also her tenants (a group of 3 PRC gals working in KTV).
She told us that when she went to the unit to collect the overdued rental, she had the biggest shock in her life. The gals were making "jia zi" in the bedroom, using the dressing table as a table to make the dough. She then decided to take a look around the house and almost fainted by what she saw. The bathrooms and toilets were full of stains and hair, the bedrooms smelled damp (the doors were opened), the living room was full of empty food wrappers and the worst nightmare was in the kitchen. The floor and stove were stained and sticky and when she opened the cover of the wok and pots, there were underwears soaking inside!:eek:
She called the agent immediately and told her what happened that she is taking the unit back, giving the tenants 1 month notice to move. The agent, after witnessing the mess herself, told the tenants to move and the deposit forfieted to pay for the cleaning of the unit. After they moved out, my friend threw away all the utensils and crockery in the kitchen as she doesn't know which are the ones that was used to soak underwears.
If your unit can be rented out, who will you prefer as a tenant and who will you not rent it to.
I forgive those who blemish me because not all men can take rejections gracefully.:D :D :D
http://forums.condosingapore.com/images/icons/icon1.gif Re: Who Will You NOT Rent Your House/Flat To? - 11-02-2011, 02:39 PM
not rent out to;
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